Retirement Fund Represents Over One Million Members and Beneficiaries, Supports Insurers Ending Fossil Fuel Underwriting
New York – In advance of the annual shareholder meetings for several major U.S. insurance companies, New York State Comptroller Tom DiNapoli has updated the 2022 proxy voting announcements to include the intent of the $279 billion NYS Common Retirement Fund to vote in favor of climate-related shareholder proposals at three major U.S. insurers. The proposals filed with Chubb, The Hartford, and Travelers call for those companies to end underwriting of fossil fuel expansion. More than a half dozen climate-related resolutions have been filed at major U.S. insurers this year, demonstrating unprecedented action from shareholders on climate change and fossil fuel underwriting. The resolutions that the Comptroller’s office has flagged today call for the companies to end underwriting of new fossil fuel supplies, consistent with the International Energy Agency’s Net Zero Emissions by 2050 Scenario. The SEC filing is also a signal for other pension funds and institutional investors that hold shares in the insurers to vote in favor of these resolutions.
These proposals are a timely response from shareholders who increasingly recognize that insurance companies face growing climate risks and clear calls from relevant global bodies, including the UN Secretary General, to reduce fossil fuel underwriting.
“We welcome this show of leadership from Comptroller DiNapoli and New York State, and encourage other shareholders to follow suit. It is well past time for insurance companies to act in the best interest of their investors and the planet by limiting their exposure to climate risk and reducing their contribution to the climate crisis. New York State is the latest to join the growing call for insurers to end underwriting of fossil fuel expansion."
Connecticut Citizen Action Group is member of the Insure Our Future campaign, which is urging insurers to transition away from fossil fuels.
“While the transition to a clean energy economy is underway, Chubb, The Hartford, and Travelers continue to underwrite fossil fuel expansion, fueling climate change and presenting increasing risks to shareholders. We applaud Comptroller DiNapoli for supporting these resolutions and encourage other investors to do the same."